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SAN FRANCISCO (MarketWatch) -- Liquefied natural gas exports "have net economic benefits" for the U.S. despite the potential for higher domestic natural-gas prices and depressed wages, a government-backed study released Wednesday said. The much-awaited study, by NERA Economic Consulting for the Department of Energy, added economic benefits would rise as LNG exports increased. The report warned, however, "impacts will not be positive for all groups in the economy." The expansion of LNG exports would have two major effects on income -- raising energy costs and, in the process, depressing real wages and the return on capital in all other industries, NERA said. The additional income it creates, however, would outweigh such losses, it said. The U.S. has one LNG export terminal under construction but several more are proposed, the Cheniere/Sabine Pass export facility in Louisiana. On Tuesday Canada's Progress Energy Resources Corp.
(ca:prq)
and Malaysia's Petronas announced they are designing an LNG export terminal they plan to build in British Columbia.

04:42PM

Geithner willing to go over cliff over taxesby Greg Robb

WASHINGTON (MarketWatch) - Treasury Secretary Timothy Geithner said Wednesday that the Obama administration was willing to allow the economy to go over the fiscal cliff if Republicans did not agree to raise tax rates on the wealthy. In an interview with CNBC, Geithner drew a harder line in the sand than the White House previously has articulated. "There is no prospect of an agreement that doesn't involve those rates going up on the top 2%," he said. The Treasury Secretary repeated President Barack Obama's tough line that he would not negotiate with Republicans if they held the economy "hostage" to threats that the debt ceiling would not be lifted. At the same time, Geithner tried to sound optimistic that the two sides would reach a deficit-reduction framework. "I think you see the broad outlines of a framework now look more inevitable," he added. Reports to the contrary were "orchestrated drama."

04:25PM

SEC charges banker, 9 others in insider-tradingby Ronald D. Orol

WASHINGTON (MarketWatch) - The Securities and Exchange Commission on Wednesday charged a banker and nine others in an insider trading scheme based on alleged illegal tips on impending mergers that garnered more than $11 million in illicit profits. The SEC alleges that John Femenia misused his position at Wells Fargo Securities
(wfc)
to obtain material non-public information about four mergers involving client firms. The SEC alleged that Femenia and a longtime friend of his illegally tipped other friends, who tipped more friends or family members. The SEC said it has obtained a court order freezing the assets of the illegal traders.

NEW YORK (MarketWatch) -- U.S. stocks finished mostly higher on Wednesday as Wall Street applauded what appeared to be a softening of stances in talks to avert the fiscal cliff. "Stocks are encouraged by the idea there may be a deal, which is not a bad thing for Treasurys either," Kathy Jones, a fixed-income specialist at Charles Schwab, said of Treasury prices rising along with equities. The bond market would prefer it "if we don't have a fight over the debt ceiling that might rattle foreign investors," said Jones. Plus, "any credible plan to reduce the deficit would on the margin slow the economy down," which is also supportive of Treasury prices, she said. The Dow Jones Industrial Average
(djia)
added 82.71 points, or 0.6%, to 13,034.49. The S&P 500 index
(spx)
rose 2.23 points, or 0.2%, to 1,409.28. The Nasdaq Composite
(comp)
fell 22.99 points, or 0.8%, to 2,973.69, with the index hit as Apple Inc.
(aapl)
fell 6.4%.

SAN FRANCISCO (MarketWatch) -- Oil futures finished lower Wednesday as some disappointing economic data, a stronger dollar and hefty spike in last week's U.S. gasoline supplies sent prices back below $88 a barrel. January crude oil
(clf3)
fell 62 cents, or 0.7%, to settle at $87.88 a barrel on the New York Mercantile Exchange. Prices also fell 0.7% on Tuesday. Natural gas, however, rallied on weather-related prospects for demand. January natural gas
(ngf13)
tacked on 16 cents, or 4.6%, at $3.70 per million British thermal units.

SAN FRANCISCO (MarketWatch) -- Apple Inc.'s
(aapl)
shares were down 4.7% to $548.79 on Wednesday afternoon, and part of the reason may be stemming from a production report out of Taiwan that may be "misinterpreted," according to Piper Jaffray analyst Gene Munster. In a note to clients, Munster address a report in Taiwan's Digitimes trade paper that says Apple may be cutting down parts orders for the iPhone 5 for the March quarter. "We believe this 20% decline is to be expected coming off of a launch quarter and do not believe it is an indication of how units might trend in March," he wrote, adding that the implied inventory fill from those orders means his 43 million iPhone shipment target for that period "is well within the range of probability." He also briefly addressed some other concerns around the shares, including reports that "margin requirements" were being raised at some clearing houses, but maintained his $900 price target, calling the "pullback" a "buying opportunity."

02:12PM

Bank of America shares top $10
(
BACC
)
by Greg Morcroft

NEW YORK (MarketWatch) -- Bank of America Corp.
(bac)
shares rose more than 5% on Wednesday afternoon and topped $10 for the first time since July of 2011. The stock is very active, and has already traded more than 300 million shares during the session. That's more than twice the stock's average volume over the last 30 days. The gain comes on the same day that rival Citigroup Inc.
(c)
shares are rising more than 7% after that firm unveiled a plan to cut 11,000 jobs and trim costs.

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